The ending of yet another year and thinking about life and goals for the next year brings up all sorts of thoughts; psychologists and lawyers will tell you the clients they see have them run the gambit during the holiday season (Thanksgiving-Christmas-New Years). Often this brings up a continually declining marriage and thoughts of filing for divorce. So, with the holidays, it often the best of times, with gatherings of family and friends, and the worst of times, with the thought of entering another year in bad marriage. This blog addresses the key reasons you should probably wait to file ... Read More
Tag: family business
13
Dec2018
30
Sep2015
Small business is the engine that drives America. Often times divorce attorneys face a scenario where parties are divorcing and the means of income that has provided for the family is the small business. An example would be a doctor, lawyer, or landscaper. The obvious assumption most of us would make is that this would continue to be the source to maintain the parties (and their children) after the divorce.
However, sometimes this is not the case. There are three key points to consider if you have a family business and are contemplating divorce. First, a business entity (except a sole ... Read More
17
Sep2013
The divorce process inherently encompasses many issues, including child support, child custody, parenting time, and property division. Many of our past blog posts have discussed these topics generally, and in great detail. One particular thing that can muddy the waters of a divorce matter is when the parties together, or even just one, owns and runs a small business.
It may seem obvious if Husband and Wife are co-owners of a family business, and both contribute to the growth and sustainability of that business, that the business is part and parcel of a divorce action. The parties, or a judge, will ... Read More
07
Feb2012
Most business lawyers and owners understand the uses and benefits (mostly) of utilizing a business structure for a family-owned business (or any other business). When properly formed and maintained, such a structure does have many beneficial things; and it has tax benefits and apportions liability between individuals (spouses) and the entity and allows insuring risk and apportioning liability by contract.
These are very important individual and business legal lines of demarcation–at least until a divorce is filed where the family business is the major asset of the divorce estate! There are two key concepts to understand as a litigant to help ... Read More